WARSAW Feb 14 Poland's KGHM, one of
the world's biggest copper and silver producers, said on Tuesday
it considered justified to write down 5.87 billion zloty last
year from the value of its oversees assets, mostly of Chilean
Sierra Gorda mine.
KGHM also said in consolidated terms the impairment was
justified at 5.19 billion zloty or $1.24 billion calculated on
the base of the exchange rate at the end of 2016.
Earlier this month KGHM's partners in the Sierra Gorda
project - Sumitomo Metal Mining and Sumitomo Corp
also booked impairment loss for the mine, 79.9 billion
yen and 33.6 billion yen respectively.
KGHM gained control over Sierra Gorda in 2011 when it bought
Canada's Quadra FNX, for C$2.87 billion in the largest ever
foreign acquisition by a Polish company.
KGHM will publish last year's results on March 16.
($1 = 4.0767 zlotys)
(Reporting by Marcin Goclowski; Editing by Anna